A financial inclusion specialist, Leandro Jorge Yacoubian has stated that structural and systemic barriers, rather than a lack of ambition, remain the biggest obstacles confronting entrepreneurs in emerging economies.

Drawing on his research into financial inclusion and micro-entrepreneurship, Yacoubian said business owners in developing economies often contend with limited access to credit, high levels of informality, volatile markets and regulatory hurdles that make business growth difficult.

“If you are somewhere like Argentina, or in many parts of Latin America, and you feel like the deck is stacked against you, you are not imagining it. It is,” he said, describing the challenges as structural problems faced by those trying to build sustainable businesses.

He noted that informal economic activity remains widespread across developing countries, citing data from Argentina’s National Institute of Statistics and Censuses (INDEC), which estimates the country’s informal sector at more than 40 per cent.

Yacoubian said his research has examined financial inclusion in Argentina and Brazil and is expanding to the United States to compare how different regulatory environments shape entrepreneurial outcomes.

He added that during his first visit to Africa, he observed similarly high levels of informal employment, although he stressed that the situation varies across countries and requires further research before broad conclusions can be drawn.

Despite the difficult operating environment, Yacoubian urged aspiring entrepreneurs not to abandon viable business ideas because of structural constraints.

“The thought that maybe things would be easier somewhere else, in another country, with a better market or a more stable currency or a cleaner regulatory system, that is a thought that comes to almost everyone who tries to build something in a complicated economy. And that thought is completely valid. Maybe it is even true. But that thought cannot be the reason you stop,” he said.

According to him, businesses that survive in volatile and underfunded markets often develop resilience and adaptability that can become competitive advantages in more developed economies.

On migration, he said relocating to another country could be a legitimate business strategy but should not be viewed as the only path to entrepreneurial success, stressing that patience and persistence remain essential regardless of location.

Yacoubian also highlighted the opportunities presented by the Mercosur-European Union trade agreement, which entered provisional application on May 1, 2026. He said his projections indicate that Argentina’s exports to the European Union could increase by more than 120 per cent within a decade.

However, he warned that inadequate payment infrastructure could undermine those gains, estimating that friction costs along the trade corridor could exceed $800 million annually when the agreement is fully implemented.

Turning to Africa, he argued that the challenge extends beyond the limited number of trade agreements, saying many existing arrangements fail to benefit small businesses because entrepreneurs lack access to the financial systems and trade knowledge needed to take advantage of them.

“You end up with a double barrier: few doors open at the country level, and then most people do not even have access to the doors that are open,” he said, calling for financial and trade education to complement institutional reforms.

Yacoubian further maintained that entrepreneurs in developed countries enjoy structural advantages but still require resilience, noting that repeated failure is often part of the path to success.

He also underscored the importance of acquiring core business skills such as market analysis, marketing and quality management.

“If you do not understand the basics, you cannot interpret negative results, you cannot identify what went wrong, and you definitely cannot find solutions. Leading something you do not understand at least partially is a difficult position to be in,” he said.

He added that access to business knowledge has never been easier, urging entrepreneurs to understand the fundamentals of the markets they intend to enter before launching their ventures.